A coin bank is a container you fill with coins and bills to save money over time
A coin bank is straightforward a container — anything from a jar to a decorated box — that holds coins and small bills until you decide to empty it and count what you've saved. Unlike a savings account at a bank, the money stays physically with you, and you control when you add to it or take from it. People use coin banks to save for specific goals (a vacation, a car repair, holiday gifts), to keep spare change organized instead of scattered around the house, or to teach children about saving.
The simplest coin bank requires only two things: a container and a way to get money in and out. You can make one in under an hour using materials you likely have at home. The container can be as basic as a glass jar or as creative as a decorated box — what matters is that it holds coins securely and that you can open it when you're ready to count or withdraw your savings.
Key Takeaways
- The easiest coin bank is a jar with a slit cut in the lid, which takes about 15 minutes to make and costs nothing if you use materials already at home.
- A sealed container keeps coins from spilling and makes it harder to dip into savings on impulse, which is why many people prefer banks with a small opening rather than a wide mouth.
- You can decorate a coin bank with paint, stickers, or markers to make saving feel more intentional and to track progress toward a specific savings goal.
- Coin banks work best for short-term savings goals (a few weeks to a few months) because the money earns no interest and sits outside the banking system.
The jar-with-a-slit method: the fastest option
The quickest coin bank uses a clean glass or plastic jar and a slit cut into the lid. Wash and dry a jar (a pasta sauce jar, jam jar, or any container with a screw-on lid works). Using a utility knife or box cutter, carefully cut a straight slit about the width of a quarter into the center of the lid — wide enough for coins to drop through but not so wide that you can reach in and grab them back. Screw the lid back on, and you're done.
This design works because the slit forces you to commit: once a coin goes in, retrieving it requires opening the whole jar, which takes deliberate effort. That friction is the point. If you can grab money whenever you want, you're less likely to actually save it. The sealed container also prevents coins from spilling if the jar tips over.
If you don't have a utility knife, you can use a drill with a small bit to make a hole instead of a slit, though a slit is easier to cut straight. A plastic container works just as well as glass — the material doesn't matter, only that it's sturdy enough to hold weight without cracking.
The decorated box method: for a specific savings goal
If you're saving toward something concrete — a birthday gift, a repair, a trip — a decorated box makes the goal visible every time you pass it. Start with any sturdy box: a shoebox, a small cardboard box, or even a wooden box if you have one. Cut a slit in the top (or drill a hole) the same way you would for a jar. Then decorate the outside with markers, paint, stickers, or printed images related to your goal.
For example, if you're saving for a car repair, you might draw or glue a picture of a car on the box and write the dollar amount you're aiming for. Each time you add coins, you're reminded why you're saving. Some people draw a progress bar on the box and color in a section each time they reach a milestone — $10 saved, $20 saved, and so on. This visual feedback makes saving feel like progress rather than just throwing coins into a hole.
The box method also works well for teaching children about saving. A child can decorate their own box, choose a goal (a toy, a book, a trip to the park), and watch their savings grow. The tactile experience of dropping coins in and seeing the box get heavier is more concrete than watching a number change on a bank statement.
Materials you might use and what they cost
If you're using items already in your home — a jar, a box, scissors or a knife, paint or markers — the cost is zero. If you need to buy materials, here's what to expect:
| Item | Cost range | Notes |
|---|---|---|
| Glass jar (if buying new) | $1–3 | Dollar stores and grocery stores sell clean jars cheaply; reusing one you have is free |
| Plastic container | $1–2 | Lighter and less likely to break if dropped; works just as well as glass |
| Utility knife or box cutter | $3–8 | A one-time purchase if you don't have one; useful for many household tasks |
| Paint or markers | $2–5 | Most households have markers already; acrylic paint is cheap and dries quickly |
| Decorative stickers or tape | $1–3 | Optional; makes the bank look intentional but doesn't affect how it works |
The point is that you can make a functional coin bank for free using what you have. Decoration is optional and purely for motivation — it doesn't change how the bank works.
When a coin bank makes sense versus a regular savings account
A coin bank is useful for short-term savings — money you want to set aside for a few weeks or months. It's visible, it's tactile, and there's no paperwork. You see the coins accumulate, which can be motivating. However, a coin bank has real limits.
Money in a coin bank earns no interest, whereas money in a savings account at a bank does (though the rate varies). If you're saving for something years away, a bank account will grow your money faster. A coin bank also offers no protection if the money is lost, stolen, or damaged — a bank account is insured by the FDIC up to $250,000 per account holder per bank. And if you need to move large amounts of cash, carrying coins is impractical.
A coin bank works best alongside other saving, not instead of it. You might use a coin bank for spare change and small goals while keeping longer-term savings in a bank account. Some people use a coin bank as a first step to build the habit of saving before opening a formal account.
How to empty and count your coin bank
When you're ready to count your savings, you have two choices: empty the bank at home or take it to a bank. At home, pour the coins onto a clean surface (a towel or table), sort them by denomination (pennies, nickels, dimes, quarters), and count each pile. A straightforward way to count is to stack coins in piles of 10 and then count the piles. Ten pennies equal 10 cents, ten nickels equal 50 cents, ten dimes equal one dollar, and ten quarters equal $2.50.
If you have a lot of coins, many banks have coin-counting machines that do the work for you. You pour your coins into the machine, and it counts and sorts them automatically. Some banks offer this service free to account holders; others charge a small fee (usually 5 to 10 percent of the total). A few grocery stores and laundromats also have coin machines. Call ahead to ask whether the service is free and what the fee is if it's not.
Once you've counted your savings, you can deposit the money into a bank account, spend it, or start a new coin bank toward a different goal.
Frequently Asked Questions
Can I use a plastic bag or envelope instead of a jar?
A bag or envelope works temporarily, but coins can spill out, and the container can tear. A jar or box is sturdier and keeps coins contained. If you're in a pinch, a plastic bag works for a day or two, but switch to a proper container if you want to keep saving.
What if I want to add bills to my coin bank?
You can roll bills and drop them through the same slit as coins, though a wider opening makes this easier. Some people use a box instead of a jar specifically so they can fit folded bills inside. The principle is the same — a sealed container with one opening keeps you from dipping into savings on impulse.
Is it safe to keep large amounts of cash in a coin bank at home?
Cash at home has no insurance protection if it's lost, stolen, or damaged in a fire or flood. A bank account is insured by the FDIC. A coin bank works well for small amounts (under $100) or short-term savings. For larger amounts or longer-term savings, a bank account is safer.
How do I teach a child to use a coin bank?
Let them decorate the bank, choose a goal, and add coins themselves. Praise the effort, not just the amount. When the bank is full, count the coins together and let them decide what to do with the money — buy something they wanted, donate it, or start saving toward a new goal. The habit of saving matters more than the amount.
Can I make a coin bank that's harder to open so I don't spend the money?
Yes. You can glue the lid shut after filling it, or use a lock box instead of a jar. Some people ask a trusted friend or family member to hold the key. The harder it is to access the money, the less likely you are to spend it on impulse — but make sure you can still open it when you actually need the savings.